Bio: Nikhil Malankar is the Mumbai based developer of “My Bitcoin Advisor,” an android app that suggests when to buy or sell Bitcoin based on your Bitcoin investment portfolio. The application has custom notifications for changes in Bitcoin price which significantly helps the users investment strategy. For more information, you can download the application here.
Hi Nikhil, thank you for taking the time to talk about your experience with cryptocurrencies and investing. I’m excited to learn more about your application and I’m confident the blockchain community has something to learn from this interview. Let’s get into it.
Tell us a bit more about what you’re working on and how you came up with the idea.
I am the developer of the “My Bitcoin Advisor” app that tells you when the best time to buy or sell bitcoins is based on your portfolio. I started out my bitcoin investments pretty recently after bitcoin hit the all time high 1 BTC = $3000 value. After talking to a few people in my networks I realized that the future potential of bitcoin is much higher than it is currently. This made me think it would be a good risk to start out investing in bitcoins. That’s when I started investing and whenever I made a purchase I used to put that data into a Google sheet with formulas for my reference in order to have my data in front of me.
I asked a few of my friends if they’d want access to that sheet and realized if I can make all of this in an Excel document why not have an app that works all this data in background and tells you what actions to take.
What makes My Bitcoin Advisor app so special?
The idea behind My Bitcoin Advisor is pretty simple: save you the time and hassles of analyzing your portfolio again and again. When you have multiple transactions it becomes pretty hectic for you to go through the historical data. Hence. to have all your transactions along with the lowest values and a set of other calculations comes in handy.
I made this app initially for my personal use and found that it was pretty easy for me to plan my purchases and sales based on the data I could gather through my transactions. Since the price fluctuations in bitcoins are so vast it’d be nice to have something that notifies me as soon as price shoots up or falls down thereby having a stop loss sort of mechanism.
Not only that, the app also helps you calculate the worth of your bitcoins at a projected value set by you so that you can plan your investments accordingly. I would suggest to use the app for a while so you’ll understand how easy it would make your bitcoin transaction decisions. There’s loads of data calculated based on your portfolio such as your highest sale price, average sale, total bitcoins, total worth of your bitcoins and more.
When did you first hear about the blockchain and what made you realize its potential?
I had heard about this technology pretty early on way back in 2014 or so but at the time I wasn’t aware that it’d take off so meteorically. It was just recently when I started researching and reading further that I realised it’s potential.
How long have you been interested in this technology?
I’ve been interested in bitcoins ever since I made my first purchase. I made my first purchase when the bitcoin rate was around $2,600. To see the price fluctuating so rapidly every single day/hour/minute was indeed quite fascinating. I have only invested the amount that I am ready to risk and see how it turns up in the future. Hopefully with my app’s algorithms I’ll be able to make some decent investment in bitcoins.
Which exchange do you use to trade and how often do you trade?
I use the Unocoin exchange as it is one of the most prominent exchanges in India and they also offer automated buying in their SBP. This allows you to set a budget for your customized duration and buy bitcoins daily or weekly or monthly.
Usually I buy daily based on the lowest price for that day in order to get a good diversification.
If you had to be long in one, BTC or ETH, which would it be and why?
ETH seems quite promising as many companies are betting on it and it is affordable currently. Bitcoin has, to a certain extent, gone out of reach and might be too late to enter right now. So, I’m quite interested in seeing developments in ETH. However, since Bitcoin has the early mover advantage I’ll stick to BTC in the long run.
I am also planning to work on an app to help buy and sell Ethereum. Overall the cryptocurrency scenario looks quite fascinating.
Thanks again to NIkhil for doing this interview. It was great to here from someone so passionate about crypto investment. To learn more you can download the application or follow Nikhil on Facebook, Twitter, or Instagram.